Imo State Governor, Hope Uzodimma, on Wednesday, presented the 2024 budget proposal of N592.2 billion naira to the State House of Assembly.
The governor released this statement on his verified X account (@Hope_Uzodimma1).
The budget presentation took place at the Imo State House of Assembly (IMHA), Owerri.
Uzodimma said, the 2024 budget will reinforce the commitment to sustained development, with key policy thrusts aligned with the 3R Agenda – Reconstruction, Rehabilitation, and Recovery, as about N491.2 billion (82.9%) will be allocated to capital expenditure.
He said, the theme of the budget, “Budget of Renewed Economic Growth,” underscores our commitment to the economic advancement of Imo State. Out of the total budget of N592.2 billion, a substantial 82.9% is allocated to capital expenditure, amounting to N491.2 billion. This reflects a commendable 32% increase compared to the previous year, demonstrating our determination to stimulate and fast-track economic growth.
Further speaking Uzodimma revealed that his government had in the last 4 years achieved significant milestones in key areas.
“In reviewing the governance and the 2023 budget, the government achieved significant milestones in infrastructure development, security enhancement, Internally Generated Revenue (IGR) boost, and effective public financial management. Noteworthy achievements include the reconstruction of major roads, improvements in the water and power sector, advancements in the digital economy, housing and urban development, and humanitarian efforts.
“The 2024 budget reinforces our commitment to sustained development, with key policy thrusts aligned with the 3R Agenda – Reconstruction, Rehabilitation, and Recovery. The budgetary framework considers macro-economic projections, including an oil price benchmark of $77.93 per barrel, daily oil production estimate of 1.1 million barrels per day, and an exchange rate of N816.96/USD”, he said.
